Bitcoin's entered 2020 just like it finished 2019 - rising up!
After soaring 100% last year alone, the largest crypto has continued its upward trend rising 35% this year.
Because of this, Bitcoin's received a fair amount of attention in the financial media.
However, what you probably haven't seen in the media is the gains “alt-coins” have generated in 2020.
I'm talking about 50%, 60%, 80% even 180% returns in January ALONE!
So, what's driving the “alt-coin” market's rally?
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The return of “Alt-Season”…
“Alt season” is when people take their gains from bitcoin and pile them into ‘alternative' cryptos, hoping for higher returns.
During the crypto bull run of 2017, this action rocketed many top altcoins by hundreds, even thousands of percent.
After bitcoins stellar run in 2019, this phenomenon hit the alt-coin market, as investors search for higher gains in smaller cryptos.
And this saw alt-coins soar in January!
• Dash: 181%
• ZCoin: 179%
• Bitcoin Cash: +85.2%,
• Monero: +61.7%
• EOS: +59.9%
• Ethereum: +39.9%
I bet you didn’t see this in the news.
A report from major crypto company, Binance Research, highlighted the altcoin market’s growth – with total market cap rising from $61 billion to $86 billion.
One major reason for such big growth is the recent addition of 8 new future contracts to the Binance exchange. This allows people to trade alt-coins using futures contract. And this has created major interest and demand.
In January, volume on Binance Futures showed +85% month-on-month increase, with $56 billion traded!
What’s noteworthy from Binance’s report is that the majority of interest was mostly from institutional investors - a sign that the major money is flowing into these assets. And this can only be good news for crypto prices going forward.
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Don’t be fooled – these alt-coins aren’t just speculative investments!
In January’s issue of the South African Investor
, our resident crypto expert Sam Volkering
discussed the enormous growth potential of two alt-coins, Dash and ZCash.
For example, Dash, which is a cryptocurrency payments platform, has more than:
• 4,800 merchants and services accepting Dash
• 90 exchanges and brokers listing the DASH crypto
• $1.4 billion in payment volume
• 42,500 daily active addresses, and
• A median of 9,300 transaction per day.
And regarding ZCash…
Sam said, “ZCash is a fork of bitcoin, so in one sense it’s similar in that it can be used as a payment method, or a store of value. But ZCash also has a ‘shielding’ function that enables someone to send a payment to someone else and there be no way anyone else can see it”.
In short, these are cryptos you don’t hear about in the mainstream, but ones you should know about. And investing in the right ones could make you a fortune!
See you next week.
Managing Editor, The South African Investor